Cambria Tail Risk ETF (TAIL) NPORT-P Cambria Tail Risk ETF (Jan 2021 report)

Sector Weightings
Cambria Shareholder Yield ETF
Consumer Discretionary	21.68	%
Financial	16.73	%
Materials	14.62	%
Industrials	12.26	%
Energy	10.74	%
Information Technology	9.62	%
Communication Services	8.48	%
Consumer Staples	3.25	%
Health Care	2.62	%
	100.00	%

Percentages based on total investments.

Cambria Shareholder Yield ETF
Schedule of Investments
January 31, 2021 (Unaudited)

	Shares		Value
Common Stocks (92.45%)
Communication Services (7.84%)
AMC Networks, Inc.(a)(b)		24,760	$	1,223,639
Discovery, Inc., Class A(a)		29,600		1,226,032
Discovery, Inc., Class C(a)		32,440		1,136,373
DISH Network Corp.(a)		25,520		740,591
Fox Corp., Class B		22,880		683,883
Meredith Corp.		35,880		786,848
News Corp., Class A		52,720		1,022,768
ViacomCBS, Inc., Class B(b)		26,760		1,297,860
				8,117,994
Consumer Discretionary (20.05%)
Brunswick Corp.		11,720		1,013,311
Buckle, Inc.(b)		35,368		1,390,670
Dillard's, Inc., Class A(b)		11,240		986,984
Foot Locker, Inc.		17,000		744,940
GameStop Corp., Class A(a)		10,000		3,250,000
General Motors Co.		27,760		1,406,877
Guess?, Inc.(b)		38,600		896,292
Marriott Vacations Worldwide Corp.(b)		10,960		1,345,450
Qurate Retail, Inc.		107,560		1,355,256
Ralph Lauren Corp.(b)		7,606		768,586
Rent-A-Center, Inc., Class A		39,680		1,718,144
Stellantis NV(b)		77,560		1,181,239
Toll Brothers, Inc.		33,800		1,727,180
Tri Pointe Homes, Inc.(a)		44,440		897,688
Whirlpool Corp.		7,040		1,303,034

	Shares		Value
Consumer Discretionary (continued)
Wyndham Destinations, Inc.		17,360	$	768,006
				20,753,657
Consumer Staples (3.01%)
Nu Skin Enterprises, Inc., Class A		26,320		1,523,138
Tyson Foods, Inc., Class A		12,080		776,865
Walgreens Boots Alliance, Inc.		16,200		814,050
				3,114,053
Energy (9.92%)
Baker Hughes Co.		41,000		823,690
Chevron Corp.		8,960		763,392
ConocoPhillips		31,787		1,272,434
CVR Energy, Inc.		43,520		744,192
Halliburton Co.		92,760		1,635,359
Helmerich & Payne, Inc.		33,680		817,750
HollyFrontier Corp.(b)		26,720		760,451
Murphy Oil Corp.(b)		90,680		1,121,712
Schlumberger NV		36,160		803,114
Valero Energy Corp.		13,640		769,705
World Fuel Services Corp.		24,960		763,526
				10,275,325
Financials (15.47%)
Aflac, Inc.		17,360		784,325
Allstate Corp.		7,320		784,558
Ally Financial, Inc.		22,480		850,643
Ameriprise Financial, Inc.		4,844		958,482
Assured Guaranty, Ltd.		21,560		770,770
Citizens Financial Group, Inc.		21,720		791,477
Discover Financial Services		8,760		731,810
Federated Hermes, Inc.		26,880		725,760
JPMorgan Chase & Co.		6,084		782,828
Lincoln National Corp.(b)		16,480		749,675
M&T Bank Corp.		5,880		778,924
MetLife, Inc.(b)		16,040		772,326
PNC Financial Services Group, Inc.		5,400		775,008
SLM Corp.		63,160		876,661
Synchrony Financial		22,720		764,528
Unum Group		32,000		743,360
US Bancorp		17,960		769,586
Voya Financial, Inc.		14,200		787,532
Waddell & Reed Financial, Inc., Class A		41,084		1,039,014
Wells Fargo & Co.		25,920		774,490
				16,011,757
Health Care (2.42%)
Biogen, Inc.(a)		2,960		836,526
McKesson Corp.		5,320		928,180

	Shares		Value
Health Care (continued)
Universal Health Services, Inc., Class B		5,960	$	743,093
				2,507,799
Industrials (11.33%)
Acuity Brands, Inc.(b)		6,720		808,013
AerCap Holdings NV(a)		29,040		1,110,490
Boise Cascade Co.		16,000		762,080
Copa Holdings SA, Class A		14,000		1,083,180
Cummins, Inc.		4,451		1,043,403
Eaton Corp. PLC(b)		8,645		1,017,516
Howmet Aerospace, Inc.		38,520		946,822
ManpowerGroup, Inc.		8,680		767,659
MSC Industrial Direct Co., Inc., Class A(b)		10,960		850,167
nVent Electric PLC		35,720		799,414
Regal Beloit Corp.		7,600		953,648
Snap-on, Inc.(b)		4,600		827,954
United Airlines Holdings, Inc.(a)		19,040		761,410
				11,731,756
Information Technology (8.89%)
Apple, Inc.		13,160		1,736,593
Arrow Electronics, Inc.(a)		9,000		878,670
Hewlett Packard Enterprise Co.		64,760		799,138
HP, Inc.		38,640		940,498
Intel Corp.		14,080		781,581
Juniper Networks, Inc.		30,920		755,066
Sanmina Corp.(a)		24,440		760,084
Vishay Intertechnology, Inc.(b)		45,240		974,922
Western Union Co.		35,080		781,232
Xerox Holdings Corp.		38,120		801,664
				9,209,448
Materials (13.52%)
Cabot Corp.		17,400		764,034
Domtar Corp.		25,240		756,443
DuPont de Nemours, Inc.		16,720		1,328,404
Element Solutions, Inc.		63,680		1,084,470
Huntsman Corp.		37,680		995,506
International Paper Co.		17,200		865,332
Louisiana-Pacific Corp.		28,521		1,084,083
LyondellBasell Industries NV, Class A		9,524		816,778
Nucor Corp.		14,440		703,661
Olin Corp.		37,720		901,885
Reliance Steel & Aluminum Co.		6,520		756,842
Schweitzer-Mauduit International, Inc.		19,440		722,002
Steel Dynamics, Inc.		24,320		833,446

	Shares		Value
Materials (continued)
Trinseo SA(b)		28,120	$	1,429,340
Worthington Industries, Inc.		18,160		950,494
				13,992,720
Total Common Stocks
(Cost $75,844,249)				95,714,509

	Shares		Value
Short-Term Investment (10.49%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d)		10,860,007	$	10,860,007
Total Short-Term Investment
(Cost $10,860,007)				10,860,007
Total Investments (102.94%)
(Cost $86,704,256)			$	106,574,516
Liabilities Less Other Assets (-2.94%)				(3,047,921	)
Net Assets (100.00%)			$	103,526,595

Percentages based on Net Assets.

^(a) Non-income producing security.

^(b) This security or a partial position of this security is on loan at January 31, 2021. The total value of securities on loan at January 31, 2021 was $10,416,139.

^(c) Rate shown is the 7-day effective yield as of January 31, 2021.

^(d) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of January 31, 2021 was $10,860,007.

Investment Abbreviations:

PLC - Public Limited Company

As of January 31, 2021, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Foreign Shareholder Yield ETF
Materials	27.50	%
Financial	17.72	%
Consumer Discretionary	12.72	%
Energy	11.30	%
Communication Services	7.66	%
Industrials	7.28	%
Information Technology	5.56	%
Consumer Staples	4.04	%
Utilities	3.43	%
Other	1.23	%
Real Estate	0.90	%
Health Care	0.66	%
	100.00	%

Percentages based on total investments.

Cambria Foreign Shareholder Yield ETF
Schedule of Investments
January 31, 2021 (Unaudited)

	Shares		Value
Common Stocks (97.09%)
Australia (6.29%)
AGL Energy, Ltd.		17,976	$	157,577
Alumina, Ltd.		113,061		146,460
BHP Group, Ltd.		10,248		341,164
Fortescue Metals Group, Ltd.		24,906		414,761
South32, Ltd.		189,714		368,272
Worley, Ltd.		21,399		186,765
				1,614,999
Belgium (3.25%)
Ageas SA		6,148		315,521
Euronav NV		26,733		214,765
Solvay SA		2,667		304,363
				834,649
Canada (16.16%)
Canadian Natural Resources, Ltd.		8,400		189,776
Canadian Western Bank(a)		8,400		186,886
Crescent Point Energy Corp.(a)		96,600		265,910
Great-West Lifeco, Inc.		7,361		168,087
Imperial Oil, Ltd.(a)		10,500		199,777
Labrador Iron Ore Royalty Corp.		12,276		305,760
Magna International, Inc.		6,384		449,613
Norbord, Inc.(a)		6,300		272,249
Seven Generations Energy, Ltd.(a)(b)		65,100		312,582
Sun Life Financial, Inc.		4,200		194,111
Suncor Energy, Inc.		8,400		140,509

	Shares		Value
Canada (continued)
Teck Resources, Ltd.		16,800	$	306,900
TORC Oil & Gas, Ltd.		117,600		232,671
Tourmaline Oil Corp.(a)		18,900		269,293
TransAlta Corp.(a)		27,300		239,535
Transcontinental, Inc.(a)		10,500		168,493
Whitecap Resources, Inc.(a)		69,300		248,206
				4,150,358
Denmark (1.28%)
Scandinavian Tobacco Group A/S(c)(d)		18,165		329,890
Finland (4.52%)
Nokian Renkaat Oyj		9,345		343,167
Sampo Oyj(b)		5,859		246,581
Stora Enso Oyj		20,286		368,028
UPM-Kymmene Oyj		5,649		202,164
				1,159,940
France (1.42%)
Rexel SA(b)		23,961		365,363
Germany (3.34%)
DWS Group GmbH & Co. KGaA(c)(d)		4,683		183,619
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,519		403,331
TUI AG		19,912		94,820
United Internet AG		4,053		176,329
				858,099
Great Britain (13.95%)
Aviva PLC		53,277		244,687
Barratt Developments PLC(b)		37,569		328,822
Berkeley Group Holdings PLC		2,982		171,153
Direct Line Insurance Group PLC		47,135		193,681
Inchcape PLC(b)		34,041		310,163
Legal & General Group PLC		63,806		213,313
Man Group PLC		144,396		289,346
Mondi PLC		10,983		259,959
Quilter PLC(c)(d)		96,705		205,507
Rio Tinto PLC		5,718		437,869
Standard Life Aberdeen PLC		61,677		255,294
Tate & Lyle PLC		27,489		259,429
Vodafone Group PLC		106,515		182,193
WPP PLC		22,092		231,802
				3,583,218
Hong Kong (10.61%)
China Resources Cement Holdings,  Ltd.		136,500		150,879

	Shares		Value
Hong Kong (continued)
China Resources Power Holdings Co., Ltd.		144,900	$	153,436
Cowell e Holdings, Inc.		252,000		189,815
Kingboard Holdings, Ltd.		52,500		214,991
Kingboard Laminates Holdings, Ltd.		163,800		264,928
Kunlun Energy Co., Ltd.		354,900		303,484
New World Development Co., Ltd.		48,300		224,579
Nine Dragons Paper Holdings, Ltd.		189,000		292,522
Shandong Chenming Paper Holdings, Ltd.		267,750		157,129
Shougang Fushan Resources Group, Ltd.		1,554,000		366,791
VTech Holdings, Ltd.		25,200		201,841
Yue Yuen Industrial Holdings, Ltd.		94,500		206,228
				2,726,623
Italy (1.48%)
Eni SpA		19,908		201,779
UnipolSai Assicurazioni SpA		69,846		177,151
				378,930
Japan (17.76%)
Amada Co., Ltd.		21,000		235,572
Bridgestone Corp.		6,300		232,645
Concordia Financial Group, Ltd.		63,000		227,954
Ebara Corp.		8,400		289,503
GungHo Online Entertainment, Inc.		12,600		314,323
Japan Tobacco, Inc.		10,500		208,256
Kaken Pharmaceutical Co., Ltd.		4,200		164,399
KDDI Corp.		12,600		370,379
Kurabo Industries, Ltd.		8,400		144,190
Mitsubishi Gas Chemical Co., Inc.		16,800		383,331
Mixi, Inc.		10,500		246,398
Nikon Corp.		18,900		150,125
Nippon Carbon Co., Ltd.		6,300		244,494
Nippon Light Metal Holdings Co., Ltd.		12,390		223,326
Nitto Denko Corp.		4,200		379,722
NSK, Ltd.		29,400		265,806
Ube Industries, Ltd.		12,600		238,780
Ushio, Inc.		18,900		244,133
				4,563,336
Luxembourg (1.00%)
APERAM SA		5,943		257,112
Netherlands (3.66%)
ASR Nederland NV		6,504		251,942
Koninklijke Ahold Delhaize NV		7,329		209,812
NN Group NV		7,098		295,452

	Shares		Value
Netherlands (continued)
Royal Dutch Shell PLC, Class A		10,017	$	183,637
				940,843
Norway (1.50%)
Telenor ASA		10,608		175,922
Yara International ASA		4,473		209,144
				385,066
Singapore (2.01%)
UMS Holdings, Ltd.		336,000		328,817
Venture Corp., Ltd.		12,600		188,184
				517,001
Spain (0.67%)
Repsol SA		17,577		173,247
Sweden (2.69%)
Betsson AB		50,484		475,763
Telia Co. AB		49,103		215,655
				691,418
Switzerland (5.50%)
Ferrexpo PLC		50,988		197,148
Glencore PLC(b)		89,418		301,878
LafargeHolcim, Ltd.		5,145		278,694
Swatch Group AG		4,704		265,367
Zurich Insurance Group AG		924		369,496
				1,412,583
Total Common Stocks
(Cost $22,386,113)				24,942,675

	Shares		Value
Short-Term Investment (6.42%)
Fidelity Investments Money Market
Treasury Portfolio Institutional
Class, 0.01%(e)(f)		1,648,228	$	1,648,228
Total Short-Term Investment
(Cost $1,648,228)				1,648,228
Total Investments (103.51%)
(Cost $24,034,341)			$	26,590,903
Liabilities Less Other Assets (-3.51%)				(900,404	)
Net Assets (100.00%)			$	25,690,499

Percentages based on Net Assets.

^(a) This security or a partial position of this security is on loan at January 31, 2021. The total value of securities on loan at January 31, 2021 was $1,466,955.

^(b) Non-income producing security.

^(c) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of January 31, 2021, these securities had a total aggregate market value of $719,016, which represented approximately 2.80% of net assets.

^(d) Securities exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of January 31, 2021, the aggregate market value of those securities was $719,016 representing 2.80% of the Fund's net assets.

(e)	Rate shown is the 7-day effective yield as of January 31, 2021.
(f)	This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of January 31, 2021 was $1,648,228.

Investment Abbreviations:  

PLC - Public Limited Company

As of January 31, 2021, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.  

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Global Value ETF
Financial	23.97	%
Materials	17.91	%
Utilities	17.78	%
Other	8.88	%
Energy	8.28	%
Industrials	7.31	%
Consumer Staples	6.90	%
Communication Services	3.53	%
Consumer Discretionary	2.75	%
Real Estate	2.69	%
	100.00	%

Percentages based on total investments.

Cambria Global Value ETF

Schedule of Investments

January 31, 2021 (Unaudited)

	Shares		Value
Common Stocks (89.60%)
Austria (8.53%)
BAWAG Group AG(a)(b)		34,561	$	1,512,408
Erste Group Bank AG(c)		21,594		661,685
Erste Group Bank AG(c)(d)		27,840		856,751
IMMOFINANZ AG(c)		51,146		1,081,227
Raiffeisen Bank International AG(c)		54,356		1,066,632
UNIQA Insurance Group AG		129,898		1,005,727
Voestalpine AG		43,442		1,587,895
Wienerberger AG		54,142		1,842,338
				9,614,663
Chile (7.74%)
Banco de Credito e Inversiones SA		27,991		1,173,259
CAP SA		200,197		2,547,382
Cencosud SA		780,244		1,354,047
Cia Cervecerias Unidas SA		125,939		1,031,767
Colbun SA		6,399,242		1,103,393
Empresa Nacional de Telecomunicaciones SA		176,978		1,083,819
Latam Airlines Group SA(c)		250,594		425,643
				8,719,310
Czech Republic (8.53%)
CEZ AS		100,794		2,425,079
Komercni banka as(c)		63,772		1,947,659
Moneta Money Bank AS(a)(b)(c)		582,829		1,983,835
PFNonwovens SA(c)		42,534		1,515,204
Philip Morris CR AS		2,461		1,746,497
				9,618,274

	Shares		Value
Greece (8.19%)
FF Group(c)(e)		25,407	$	0
Hellenic Petroleum SA		133,429		888,955
Hellenic Telecommunications Organization SA		90,950		1,324,466
JUMBO SA		51,639		811,530
Karelia Tobacco Co. Inc SA(f)		4,564		1,816,672
Motor Oil Hellas Corinth Refineries SA		98,868		1,391,780
Mytilineos SA		88,596		1,296,637
Public Power Corp. SA(c)		198,913		1,705,424
				9,235,464
Italy (7.96%)
Atlantia SpA(c)		44,890		713,910
Enel SpA		251,771		2,502,647
Eni SpA		72,226		732,050
Intesa Sanpaolo SpA(c)		484,155		1,060,637
Telecom Italia SpA		2,152,225		923,020
UniCredit SpA(c)		87,561		803,003
Unipol Gruppo SpA(c)		244,166		1,073,817
UnipolSai Assicurazioni SpA		456,598		1,158,077
				8,967,161
Poland (9.59%)
Alior Bank SA(c)(d)		203,942		934,288
Bank Polska Kasa Opieki SA(c)		38,413		656,879
Eurocash SA(c)		139,207		511,976
Grupa Lotos SA		62,091		643,238
Jastrzebska Spolka Weglowa SA(c)(d)		225,877		1,928,873
KGHM Polska Miedz SA(c)		41,195		2,083,499
PGE Polska Grupa Energetyczna SA(c)		451,219		792,681
Polski Koncern Naftowy ORLEN SA		42,907		645,267
Powszechna Kasa Oszczednosci Bank Polski SA(c)		111,173		861,915
Santander Bank Polska SA(c)		11,021		536,693
Tauron Polska Energia SA(c)		1,605,453		1,211,939
				10,807,248
Portugal (7.75%)
Altri SGPS SA		54,705		326,359
Corticeira Amorim SGPS SA		138,719		1,875,332
Energias de Portugal SA		346,286		2,173,454
Galp Energia SGPS SA		97,106		976,210
Jeronimo Martins SGPS SA		31,938		522,268
Mota-Engil SGPS SA(c)(d)		189,390		317,171
Navigator Co. SA		260,331		781,596
NOS SGPS SA		161,035		555,003
REN - Redes Energeticas Nacionais SGPS SA		79,435		226,054

	Shares		Value
Portugal (continued)
Semapa-Sociedade de Investimento e Gestao		92,983	$	987,344
				8,740,791
Russia (7.82%)
Alrosa PJSC		1,299,408		1,715,260
Gazprom Neft PJSC		344,540		1,437,253
Gazprom PJSC		383,809		1,087,425
Rosneft Oil Co. PJSC		203,728		1,279,222
Sberbank of Russia PJSC		295,907		1,010,416
Severstal PAO		85,386		1,424,078
Unipro PJSC		23,068,772		862,640
				8,816,294
Singapore (7.07%)
CapitaLand, Ltd.		417,300		1,008,381
City Developments, Ltd.		160,500		872,335
ComfortDelGro Corp., Ltd.		577,800		687,236
Golden Agri-Resources, Ltd.		4,439,054		604,840
Jardine Cycle & Carriage, Ltd.		42,800		694,646
Oversea-Chinese Banking Corp., Ltd.		128,400		997,507
SATS, Ltd.(c)		288,900		837,297
Sembcorp Industries, Ltd.		481,500		598,069
Sembcorp Marine, Ltd.(c)		2,364,647		258,110
Singapore Airlines, Ltd.(c)		149,800		463,473
United Overseas Bank, Ltd.		53,500		941,606
				7,963,500
Spain (8.24%)
Acciona SA		6,866		1,030,696
Banco Bilbao Vizcaya Argentaria SA		111,007		507,461
Banco Santander SA(c)		154,195		451,902
CaixaBank SA		221,854		561,884
Enagas SA		36,406		802,979
Endesa SA		43,026		1,101,718
Ferrovial SA		24,829		596,748
Iberdrola SA		164,067		2,226,969
Mapfre SA		340,309		625,254
Naturgy Energy Group SA		53,425		1,381,609
				9,287,220
Turkey (8.18%)
Akbank T.A.S.(c)		901,715		786,216
Eregli Demir ve Celik Fabrikalari TAS		647,870		1,270,550
Haci Omer Sabanci Holding AS		648,604		933,384
KOC Holding AS		345,768		954,527
Petkim Petrokimya Holding AS(c)		1,897,333		1,296,480
Turkiye Halk Bankasi AS(c)		933,904		671,336
Turkiye Is Bankasi AS, Class C(c)		978,137		820,768
Turkiye Sise ve Cam Fabrikalari AS		892,382		881,741

	Shares		Value
Turkey (continued)
Turkiye Vakiflar Bankasi TAO, Class D(c)		946,858	$	560,305
Yapi ve Kredi Bankasi AS(c)		2,690,986		1,048,114
				9,223,421
Total Common Stocks
(Cost $109,848,240)				100,993,346
Exchange Traded Funds (7.90%)
United States (7.90%)
Equity ETF (7.90%)
iShares® MSCI Colombia ETF(d)		861,450		8,907,393
Total Exchange Traded Funds
(Cost $6,913,520)				8,907,393

	Shares		Value
Short-Term Investment (3.09%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(g)(h)		3,486,132	$	3,486,132
Total Short-Term Investment
(Cost $3,486,132)				3,486,132
Total Investments (100.59%)
(Cost $120,247,892)			$	113,386,871
Liabilities Less Other Assets (-0.59%)				(669,462	)
Net Assets (100.00%)			$	112,717,409

Percentages based on Net Assets.

^(a) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of January 31, 2021, these securities had a total aggregate market value of $3,496,243, which represented approximately 3.10% of net assets.

^(b) Securities exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act. As of January 31, 2021, the aggregate market value of those securities was $3,496,243 representing 3.10% of the Fund's net assets.

^(c) Non-income producing security.

^(d) This security or a partial position of this security is on loan at January 31, 2021. The total value of securities on loan at January 31, 2021 was $3,258,302.

^(e) Level 3 security in accordance with fair value hierarchy.

^(f) These securities are considered to be illiquid. The aggregate value of these securities at January 31, 2021 was $1,816,672, which represent 1.61% of the Fund's Net Assets.

^(g) Rate shown is the 7-day effective yield as of January 31, 2021.

^(h) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of January 31, 2021 was $3,486,132.

Investment Abbreviations:
ETF- Exchange Traded Fund
PJSC - Private Joint Stock Company

Cambria Global Value ETF
Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs(1)		Total
Common Stocks
Austria	$	9,614,663		—	$	—		9,614,663
Chile		8,719,310		—		—		8,719,310
Czech Republic		9,618,274		—		—		9,618,274
Greece		9,235,464		—		—		9,235,464
Italy		8,967,161		—		—		8,967,161
Poland		10,807,248		—		—		10,807,248
Portugal		8,740,791		—		—		8,740,791
Russia		8,816,294		—		—		8,816,294
Singapore		7,963,500		—		—		7,963,500
Spain		9,287,220		—		—		9,287,220
Turkey		9,223,421		—		—		9,223,421
Exchange Traded Funds
United States		8,907,393		—		—		8,907,393
Short-Term Investment		3,486,132		—		—		3,486,132
Total	$	113,386,871	$	—	$	—	$	113,386,871

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

⁽¹⁾ Included in Level 3 is one security with total value of $0. A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

Sector Weightings
Cambria Global Momentum ETF
Exchange Traded Funds	100.00	%
	100.00	%

Percentages based on total investments.

Cambria Global Momentum ETF

Schedule of Investments

January 31, 2021 (Unaudited)

	Shares		Value
Exchange Traded Funds (99.23%)
United States (99.23%)
Equity ETF (99.23%)
iShares® Global Consumer Discretionary ETF(a)		25,881	$	4,026,307
iShares® Global Materials ETF(a)		66,700		5,368,683
iShares® Global Tech ETF		16,744		5,013,824
iShares® MSCI Global Gold Miners ETF(a)		116,893		3,343,140
Cambria Emerging Shareholder Yield ETF(a)*		159,593		5,511,544
Cambria Foreign Shareholder Yield ETF(a)*		158,126		3,842,841
Cambria Global Value ETF*		170,000		3,558,117
Cambria Shareholder Yield ETF*		180,888		9,393,514
Invesco DB Base Metals Fund(b)		231,694		3,899,410
Invesco DB Precious Metals Fund(b)		71,723		3,683,693
Vanguard® FTSE Developed Markets ETF		85,928		4,027,445
Vanguard® Small-Cap ETF		21,574		4,284,381
Vanguard® Small-Cap Value ETF		29,210		4,238,663
				60,191,562
Total Exchange Traded Funds
(Cost $52,859,683)				60,191,562

	Shares		Value
Short-Term Investment (13.53%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d)		8,210,399	$	8,210,399
Total Short-Term Investment
(Cost $8,210,399)				8,210,399
Total Investments (112.76%)
(Cost $61,070,082)			$	68,401,961
Liabilities Less Other Assets (-12.76%)				(7,740,533	)
Net Assets (100.00%)			$	60,661,428

Percentages based on Net Assets.

* Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor.

^(a) This security or a partial position of this security is on loan at January 31, 2021. The total value of securities on loan at January 31, 2021 was $7,899,491.

^(b) Non-income producing security.

^(c) Rate shown is the 7-day effective yield as of January 31, 2021.

^(d) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of January 31, 2021 was $8,210,399.

Investment Abbreviations:

ETF - Exchange Traded Fund

FTSE - Financial Times Stock Exchange

MSCI - Morgan Stanley Capital International

Transactions with affiliated companies for the six months ended January 31, 2021 are as follows:

Security Name	Value at April 30, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)		Value at January 31, 2021		Shares at January 31,  2021		Dividend Income
Cambria Emerging Shareholder Yield ETF	$	–	$	4,861,575	$	(337,458	)	$	947,583		$	39,844	$	5,511,544		159,593	$	29,400
Cambria Foreign Shareholder Yield ETF		–		3,893,175		(165,715	)		111,858			3,523		3,842,841		158,126		43,183
Cambria Global Value ETF		–		3,770,600		–			(212,483	)		–		3,558,117		170,000		–
Cambria Shareholder Yield ETF		–		8,299,590		(1,015,577	)		2,080,707			28,794		9,393,514		180,888		47,375
Cambria Sovereign Bond ETF		4,126,597		248,100		(4,939,791	)		418,855			146,239		–		–		23,262
Cambria Tail Risk ETF		5,158,782		–		(4,911,879	)		(307,694	)		60,791		–		–		2,922
	$	9,285,379	$	21,073,040	$	(11,370,420	)	$	3,038,826		$	279,191	$	22,306,016		668,607	$	146,142

As of January 31, 2021, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Global Asset Allocation ETF
Exchange Traded Funds	100.00	%
	100.00	%

Percentages based on total investments.

Cambria Global Asset Allocation ETF

Schedule of Investments

January 31, 2021 (Unaudited)

	Shares		Value
Exchange Traded Funds (99.23%)
United States (99.23%)
Equity ETF (57.46%)
Alpha Architect International Quantitative Momentum ETF		35,118	$	1,221,706
Alpha Architect US Quantitative Momentum ETF(a)		42,222		2,440,850
Cambria Emerging Shareholder Yield ETF*		141,688		4,893,195
Cambria Foreign Shareholder Yield ETF*		85,217		2,070,978
Cambria Global Real Estate ETF*		120,086		3,515,542
Cambria Global Value ETF*		118,833		2,487,186
Cambria Shareholder Yield ETF*		81,950		4,255,663
Cambria Value and Momentum ETF*		98,484		2,060,128
Graniteshares Gold Trust(a)(b)		26,697		488,822
Schwab US TIPS ETF		23,232		1,446,424
Vanguard® Intermediate-Term Government Bond ETF		26,126		1,805,568
Vanguard® Long-Term Treasury ETF(a)		18,296		1,692,197
				28,378,259
Fixed Income ETF (32.92%)
iShares® Short Treasury Bond ETF		7,467		825,253
Cambria Sovereign Bond ETF*		135,327		3,528,651
SPDR® FTSE International Government Inflation-Protected Bond ETF(a)		23,697		1,373,241
VanEck Vectors Emerging Markets High Yield Bond ETF(a)		73,674		1,745,337
VanEck Vectors International High Yield Bond ETF(a)		35,144		905,309
Vanguard® Intermediate-Term Corporate Bond ETF		14,954		1,439,921
Vanguard® Short-Term Corporate Bond ETF		10,582		879,470
Vanguard® Total Bond Market ETF		38,825		3,394,470

	Shares		Value
Fixed Income ETF (continued)
Vanguard® Total International Bond ETF(a)		37,195	$	2,164,005
				16,255,657
Multi-Asset ETF (8.85%)
Alpha Architect Value Momentum Trend ETF(a)(b)		34,292		926,570
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF(a)		218,717		3,444,793
				4,371,363
Total Exchange Traded Funds (Cost $45,150,833)				49,005,279

	Shares		Value
Short-Term Investment (15.66%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d)		7,735,404	$	7,735,404
Total Short-Term Investment (Cost $7,735,404)				7,735,404
Total Investments (114.89%) (Cost $52,886,237)			$	56,740,683
Liabilities Less Other Assets (-14.89%)				(7,355,090	)
Net Assets (100.00%)			$	49,385,593

Percentages based on Net Assets.

* Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor.

^(a) This security or a partial position of this security is on loan at January 31, 2021. The total value of securities on loan at January 31, 2021 was $7,540,643.

^(b) Non-income producing security.

^(c) Rate shown is the 7-day effective yield as of January 31, 2021.

^(d) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of January 31, 2021 was $7,735,404.

Investment Abbreviations:

ETF - Exchange Traded Funds

FTSE - Financial Times Stock Exchange

SPDR - Standard & Poor's Depository Receipt

Transactions with affiliated companies for the six months ended January 31, 2021 are as follows:

Security Name	Value at April 30, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)		Realized Gain/(Loss)			Value at January 31, 2021		Share at January 31, 2021		Dividend Income
Cambria Emerging Shareholder Yield ETF	$	4,325,986	$	–	$	(969,853	)	$	1,450,776	$	86,286		$	4,893,195		141,688	$	162,850
Cambria Foreign Shareholder Yield ETF		1,860,260		–		(412,341	)		720,328		(97,269	)		2,070,978		85,217		63,469
Cambria Global Real Estate ETF		–		3,248,869		(276,692	)		513,484		29,881			3,515,542		120,086		21,147
Cambria Global Value ETF		2,397,560		–		(512,208	)		663,404		(61,570	)		2,487,186		118,833		47,612
Cambria Shareholder Yield ETF		2,880,265		1,044,610		(1,711,404	)		2,059,915		(17,723	)		4,255,663		81,950		71,678
Cambria Sovereign Bond ETF		3,829,933		–		(809,419	)		610,455		(102,318	)		3,528,651		135,327		22,577
Cambria Value and Momentum ETF		1,030,966		909,250		(271,516	)		359,837		31,591			2,060,128		98,484		13,448
	$	16,324,970	$	5,202,729	$	(4,963,433	)	$	6,378,200	$	(131,122	)	$	22,811,344		781,585	$	402,781

As of January 31, 2021, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Value and Momentum ETF
Consumer Discretionary	25.60	%
Industrials	22.79	%
Energy	13.62	%
Financial	12.15	%
Health Care	8.70	%
Information Technology	7.19	%
Consumer Staples	5.62	%
Materials	3.36	%
Communication Services	0.97	%
	100.00	%

Percentages based on total investments.

Cambria Value and Momentum ETF

Schedule of Investments

January 31, 2021 (Unaudited)

	Shares		Value
Common Stocks (93.17%)
Communication Services (0.91%)
Bandwidth, Inc., Class A(a)(b)		644	$	114,722
Consumer Discretionary (23.85%)
Bed Bath & Beyond, Inc.(b)		4,788		169,160
Big 5 Sporting Goods Corp.(b)		9,336		121,555
Big Lots, Inc.(b)		2,465		147,111
Buckle, Inc.(b)		3,480		136,833
Camping World Holdings, Inc., Class A(b)		2,979		101,763
Cooper Tire & Rubber Co.		2,472		90,846
Green Brick Partners, Inc.(a)		3,900		77,610
Haverty Furniture Cos., Inc.		3,108		101,600
Hibbett Sports, Inc.(a)		2,100		118,545
Lennar Corp., Class A		1,807		150,252
Meritage Homes Corp.(a)		1,770		142,060
Nautilus, Inc.(a)		9,958		244,070
Overstock.com, Inc.(a)		1,521		118,030
PetMed Express, Inc.(b)		2,359		90,114
Qurate Retail, Inc.		9,036		113,854
Rent-A-Center, Inc., Class A		5,260		227,758
Smith & Wesson Brands, Inc.		5,280		87,437
Stamps.com, Inc.(a)(b)		327		74,657
Target Corp.		957		173,380
TopBuild Corp.(a)(b)		1,004		200,750
TravelCenters of America, Inc.(a)		3,492		95,995
Turtle Beach Corp.(a)(b)		3,576		106,922

	Shares		Value
Consumer Discretionary (continued)
Vista Outdoor, Inc.(a)		4,392	$	128,115
				3,018,417
Consumer Staples (5.24%)
Central Garden & Pet Co., Class A(a)		2,682		104,598
Nu Skin Enterprises, Inc., Class A		1,320		76,388
Rite Aid Corp.(a)(b)		6,240		164,050
SpartanNash Co.(b)		5,503		101,916
United Natural Foods, Inc.(a)(b)		4,768		129,117
Weis Markets, Inc.(b)		1,763		86,881
				662,950
Energy (12.69%)
Alto Ingredients, Inc.(a)(b)		11,748		79,651
Antero Midstream Corp.		11,232		90,979
Antero Resources Corp.(a)(b)		28,219		195,840
Bonanza Creek Energy, Inc.(a)(b)		5,036		104,044
CNX Resources Corp.(a)		9,931		125,826
EQT Corp.		4,764		77,701
Green Plains, Inc.(a)		4,644		89,211
Matador Resources Co.(a)		8,082		123,493
Nordic American Tankers, Ltd.(b)		17,322		51,273
Ovintiv, Inc.		7,951		125,308
Range Resources Corp.(a)(b)		13,782		126,932
Renewable Energy Group, Inc.(a)(b)		3,335		298,816
Southwestern Energy Co.(a)		30,833		116,240
				1,605,314
Financials (11.32%)
AMERISAFE, Inc.		1,032		57,276
Cadence BanCorp		4,524		81,070
CNO Financial Group, Inc.		4,104		87,046
Cowen, Inc.		3,480		87,522
Green Dot Corp., Class A(a)		1,404		70,523
Meta Financial Group, Inc.		2,592		100,129
Morgan Stanley		1,389		93,132
Mr Cooper Group, Inc.(a)		6,302		171,603
Open Lending Corp.(a)		3,132		113,660
PennyMac Financial Services, Inc.		2,021		117,218
Progressive Corp.		360		31,388
Silvergate Capital Corp.(a)		1,560		145,174
Stewart Information Services Corp.		1,596		74,023
SuRo Capital Corp.(b)		5,556		81,507
SVB Financial Group(a)		276		120,827
				1,432,098
Health Care (8.11%)
Cigna Corp.		420		91,161
Corcept Therapeutics, Inc.(a)		6,036		170,577
CVS Health Corp.		1,008		72,223

	Shares		Value
Health Care (continued)
Humana, Inc.		252	$	96,544
McKesson Corp.		456		79,558
Molina Healthcare, Inc.(a)		372		79,463
Owens & Minor, Inc.		6,509		189,282
United Therapeutics Corp.(a)		701		114,838
XBiotech, Inc.(a)		7,046		131,972
				1,025,618
Industrials (21.23%)
ArcBest Corp.		2,172		100,672
Arcosa, Inc.		2,430		135,570
Argan, Inc.		1,908		82,483
Astec Industries, Inc.(b)		1,830		108,830
Atlas Air Worldwide Holdings, Inc.(a)		2,057		106,594
Boise Cascade Co.		2,496		118,885
Builders FirstSource, Inc.(a)		10,249		392,024
Comfort Systems USA, Inc.		1,308		72,503
Construction Partners, Inc., Class A(a)		5,431		154,349
Gibraltar Industries, Inc.(a)		1,488		133,370
Hub Group, Inc., Class A(a)		1,432		75,366
Hyliion Holdings Corp.(a)		5,388		89,495
Infrastructure and Energy Alternatives, Inc.(a)(b)		6,252		120,476
Kornit Digital, Ltd.(a)(b)		1,714		155,348
Marten Transport, Ltd.		5,064		80,264
Quanta Services, Inc.(b)		2,296		161,799
Regal Beloit Corp.		684		85,828
Resideo Technologies, Inc.(a)		4,668		107,831
Saia, Inc.(a)		1,011		178,694
Schneider National, Inc., Class B		3,612		75,852
Werner Enterprises, Inc.(b)		1,716		67,336
YRC Worldwide, Inc.(a)(b)		16,032		83,366
				2,686,935
Information Technology (6.69%)
Amkor Technology, Inc.		6,926		107,492
Diodes, Inc.(a)		1,668		118,061
ManTech International Corp., Class A		852		76,416
Micron Technology, Inc.(a)		1,986		155,444
NortonLifeLock, Inc.		3,264		68,772
Super Micro Computer, Inc.(a)		3,192		98,952
Ultra Clean Holdings, Inc.(a)		5,748		221,873
				847,010
Materials (3.13%)
Alcoa Corp.(a)		4,140		74,520
Hecla Mining Co.(b)		27,474		156,327
Stepan Co.		789		88,904

	Shares		Value
Materials (continued)
Worthington Industries, Inc.		1,452	$	75,998
				395,749
Total Common Stocks (Cost $7,900,482)				11,788,813

	Shares		Value
Short-Term Investment (17.50%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d)		2,213,873	$	2,213,873
Total Short-Term Investment (Cost $2,213,873)				2,213,873
Total Investments (110.67%) (Cost $10,114,355)			$	14,002,686
Liabilities Less Other Assets (-10.67%)				(1,349,110	)
Net Assets (100.00%)			$	12,653,576

Percentages based on Net Assets.

^(a) Non-income producing security.

^(b) This security or a partial position of this security is on loan at January 31, 2021. The total value of securities on loan at January 31, 2021 was $2,085,502.

^(c) Rate shown is the 7-day effective yield as of January 31, 2021.

^(d) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of January 31, 2021 was $2,213,873.

The open futures contracts held by the Fund as of January 31, 2021 are as follows:

Type of Contract	Number of Contracts Short	Expiration Date	Notional Amount			Value			Unrealized Appreciation
E-Mini S&P 500®	23	Mar-2021	$	(4,267,602	)	$	(4,260,980	)	$	6,622

For the period ended January 31, 2021, the monthly average notional value of the short equity futures contracts held was $(4,378,932)and the ending notional value of the futures contacts was $(4,267,602).

As of January 31, 2021, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Sovereign Bond ETF
Sovereign Debt	89.01	%
U.S. Treasury Obligations	10.99	%
	100.00	%

Percentages based on total investments.

Cambria Sovereign Bond ETF

Schedule of Investments

January 31, 2021 (Unaudited)

	Currency	Face Amount		Value
Sovereign Debt (77.96%)
Brazil (7.27%)
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 1/1/2027	BRL		3,180,000	$	665,974
Brazilian Government International Bond, 8.500%, 1/5/2024	BRL		3,850,000		758,291
					1,424,265
Chile (2.95%)
Bonos de la Tesoreria de la Republica en pesos
4.500%, 3/1/2026	CLP		160,000,000		248,901
6.000%, 1/1/2024	CLP		210,000,000		328,540
					577,441
Colombia (2.59%)
Colombian TES
7.000%, 5/4/2022	COP		819,000,000		243,376
7.500%, 8/26/2026	COP		812,500,000		263,951
					507,327
Croatia (0.82%)
Croatia Government International Bond, 6.000%, 1/26/2024(a)	USD		140,000		161,350
Czech Republic (4.82%)
Czech Republic Government Bond, 0.250%, 2/10/2027	CZK		21,280,000		942,962
Greece (3.91%)
Hellenic Republic Government Bond, 3.650%, 2/24/2024(b)	EUR		560,916		765,037

	Currency	Face Amount		Value
Hungary (2.61%)
Hungary Government Bond, 5.500%, 6/24/2025	HUF		127,160,000	$	510,819
Indonesia (3.60%)
Indonesia Treasury Bond
7.000%, 5/15/2027	IDR		2,760,000,000		208,269
8.375%, 3/15/2024	IDR		6,390,000,000		496,949
					705,218
Italy (2.62%)
Italy Buoni Poliennali Del Tesoro, 2.800%, 12/1/2028	EUR		357,000		512,995
Malaysia (3.91%)
Malaysia Government Investment Issue, 4.070%, 9/30/2026	MYR		158,000		42,732
Malaysia Government Bond
4.181%, 7/15/2024	MYR		1,442,000		382,746
4.392%, 4/15/2026	MYR		158,000		43,227
4.498%, 4/15/2030	MYR		1,055,000		296,900
					765,605
Mexico (3.07%)
Mexican Bonos, 7.500%, 6/3/2027	MXN		10,786,298		601,610
New Zealand (2.91%)
New Zealand Government Bond, 4.500%, 4/15/2027	NZD		643,000		570,198
Philippines (3.67%)
Philippine Government Bond, 8.000%, 7/19/2031	PHP		23,853,684		718,686
Poland (2.98%)
Republic of Poland Government Bond
2.500%, 7/25/2026	PLN		756,000		224,507
5.750%, 4/25/2029	PLN		962,000		358,918
					583,425

	Currency	Face Amount		Value
Romania (3.11%)
Romania Government Bond
5.800%, 7/26/2027	RON		1,470,000	$	438,797
5.850%, 4/26/2023	RON		630,000		169,836
					608,633
Russia (4.50%)
Russian Federal Bond - OFZ, 7.000%, 1/25/2023	RUB		63,875,000		880,594
Singapore (4.56%)
Singapore Government Bond, 2.875%, 7/1/2029	SGD		1,026,000		893,889
South Africa (7.93%)
Republic of South Africa Government Bond, 8.000%, 1/31/2030	ZAR		24,601,648		1,552,475
Thailand (4.06%)
Thailand Government Bond, 3.625%, 6/16/2023	THB		22,143,000		794,451
Turkey (6.07%)
Turkey Government Bond
8.500%, 9/14/2022	TRY		4,641,000		584,783
10.700%, 2/17/2021	TRY		4,431,000		603,617
					1,188,400
Total Sovereign Debt
(Cost $15,351,639)					15,265,380
U.S. Treasury Obligations (9.63%)
U.S. Treasury Bond, 2.250%, 2/15/2027	USD		1,716,500		1,884,327
Total U.S. Treasury Obligations
(Cost $1,682,947)					1,884,327

	Currency	Face Amount	Value
Total Investments (87.59%)
(Cost $17,034,586)			$	17,149,707
Other Assets Less Liabilities (12.41%)				2,430,808
Net Assets (100.00%)			$	19,580,515

Percentages based on Net Assets.

^(a) Securities exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act. As of January 31, 2021, the aggregate market value of those securities was $161,350 representing 0.82% of the Fund's net assets.

^(b) Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.

Currency Abbreviations:

BRL — Brazilian Real

CLP — Chilean Peso

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

HUF — Hungarian Forint

IDR — Indonesian Rupiah

MXN — Mexican Peso

MYR — Malaysian Ringgit

NZD — New Zealand Dollar

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thailand Baht

TRY— Turkish Lira

USD — United States Dollar

ZAR — South African Ran

As of January 31, 2021, all of the Fund's investments in securities were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Emerging Shareholder Yield ETF
Materials	24.30	%
Information Technology	23.54	%
Industrials	15.28	%
Consumer Discretionary	9.71	%
Energy	7.39	%
Financial	7.12	%
Utilities	5.40	%
Consumer Staples	2.35	%
Real Estate	1.68	%
Health Care	1.30	%
Communication Services	1.03	%
Other	0.90	%
	100.00	%

Percentages based on total investments.

Cambria Emerging Shareholder Yield ETF

Schedule of Investments

January 31, 2021 (Unaudited)

	Shares		Value
Common Stocks (97.77%)
Australia (1.45%)
BHP Group PLC		26,158	$	721,183
Brazil (0.92%)
Camil Alimentos SA		232,000		454,129
China (18.81%)
Anhui Conch Cement Co., Ltd., Class H		58,000		343,740
Bank of Communications Co., Ltd., Class H		580,000		314,191
China Lilang, Ltd.		580,000		391,242
China Medical System Holdings, Ltd.		174,000		250,006
China National Building Material Co., Ltd., Class H		174,000		208,488
China Petroleum & Chemical Corp., ADR		5,675		269,108
China Shenhua Energy Co., Ltd., Class H		203,000		376,505
Fufeng Group, Ltd.		820,288		319,514
Greatview Aseptic Packaging Co., Ltd.		805,096		442,358
Greenland Hong Kong Holdings, Ltd.		1,247,000		368,314
Lenovo Group, Ltd.		425,336		500,863
Lonking Holdings, Ltd.		1,247,000		414,956

	Shares		Value
China (continued)
Qingdao Port International Co., Ltd., Class H(a)(b)		580,000	$	335,137
Shenzhen Expressway Co., Ltd., Class H		406,000		373,363
Sinopec Shanghai Petrochemical Co., Ltd., ADR		9,957		218,257
Sinotruk Hong Kong, Ltd.		217,500		678,877
Tianneng Power International, Ltd.		174,000		343,815
Yadea Group Holdings, Ltd.(a)(b)		754,000		1,964,441
Yanzhou Coal Mining Co., Ltd., Class H(c)		436,384		337,704
Zhejiang Expressway Co., Ltd., Class H		386,664		312,693
Zhengzhou Coal Mining Machinery Group Co., Ltd.		417,600		565,543
				9,329,115
Colombia (0.88%)
Banco De Bogota Sa		19,285		437,681
Czech Republic (1.01%)
O2 Czech Republic AS		42,659		501,248
Greece (2.31%)
Hellenic Petroleum SA		52,896		352,413
Holding Co. ADMIE IPTO SA		156,368		453,526
Motor Oil Hellas Corinth Refineries SA		24,244		341,287
				1,147,226
India (1.57%)
Tata Chemicals, Ltd.		119,448		778,148
Mexico (0.79%)
Industrias Penoles SAB de CV(d)		26,100		389,635
Russia (11.21%)
Federal Grid Co. Unified Energy System PJSC		158,630,000		451,618
Gazprom Neft PJSC		107,880		450,023
Gazprom PJSC		204,450		579,257
Inter RAO UES PJSC		5,336,000		370,128
LUKOIL PJSC		8,294		591,912
Magnitogorsk Iron & Steel Works PJSC		754,000		515,585
Novolipetskiy Metallurgicheskiy Kombinat PAO		221,560		615,731
OGK-2 PJSC		45,530,000		458,729

	Shares		Value
Russia (continued)
Sberbank of Russia PJSC		133,690	$	456,503
Severstal PAO		41,180		686,805
Unipro PJSC		10,266,000		383,890
				5,560,181
South Africa (11.95%)
AECI, Ltd.		80,011		481,441
African Rainbow Minerals, Ltd.		73,428		1,331,559
Exxaro Resources, Ltd.		28,681		286,336
Impala Platinum Holdings, Ltd.		48,981		670,935
Kumba Iron Ore, Ltd.		28,652		1,152,180
Nedbank Group, Ltd.		67,338		544,892
Netcare, Ltd.		435,754		385,480
Reunert, Ltd.		166,421		420,316
Truworths International, Ltd.		221,309		653,173
				5,926,312
South Korea (8.52%)
Hanmi Semiconductor Co., Ltd.		66,352		1,121,091
Hanyang Eng Co., Ltd.		27,260		437,437
Huchems Fine Chemical Corp.		30,247		578,657
KGMobilians Co., Ltd.		52,548		426,077
Kolon Global Corp.		27,347		441,278
Motonic Corp.		42,253		494,828
Samsung C&T Corp.		2,233		259,512
Ssangyong Cement Industrial Co., Ltd.		81,375		469,947
				4,228,827
Taiwan (26.74%)
Acter Group Corp., Ltd.		58,000		389,394
ASROCK, Inc.		116,000		588,233
Asustek Computer, Inc.		29,000		296,706
Catcher Technology Co., Ltd.		58,000		410,106
Chenbro Micom Co., Ltd.		174,000		486,535
Chicony Electronics Co., Ltd.		145,000		447,906
CyberPower Systems, Inc.		87,000		246,996
Dimerco Express Corp.		217,500		458,263
Foxsemicon Integrated Technology, Inc.		29,000		223,694
Gigabyte Technology Co., Ltd.		87,000		245,132
Global Mixed Mode Technology, Inc.		87,000		529,721
Holy Stone Enterprise Co., Ltd.		145,000		559,236
Huaku Development Co., Ltd.		145,000		446,353
Iron Force Industrial Co., Ltd.		87,000		230,840
ITE Technology, Inc.		185,600		474,563
Micro-Star International Co., Ltd.		95,700		445,990
Nantex Industry Co., Ltd.		203,000		416,113
Nishoku Technology, Inc.		130,500		480,011

	Shares		Value
Taiwan (continued)
Radiant Opto-Electronics Corp.		116,000	$	476,386
Sea Sonic Electronics Co., Ltd.		182,700		515,429
Shin Foong Specialty & Applied Materials Co., Ltd.		174,000		841,961
Sino-American Silicon Products, Inc.		145,000		787,073
Sunonwealth Electric Machine Industry Co., Ltd.		203,000		379,141
Systex Corp.		145,000		434,443
TA-I Technology Co., Ltd.		203,000		566,899
Thinking Electronic Industrial Co., Ltd.		87,000		543,701
Topco Scientific Co., Ltd.		116,000		490,885
Transcend Information, Inc.		145,000		318,971
Tripod Technology Corp.		116,000		532,310
				13,262,991
Thailand (0.83%)
Tisco Financial Group PLC		133,400		411,164
Turkey (10.78%)
Aksigorta AS		225,794		293,149
Alarko Holding AS		545,171		733,873
Alkim Alkali Kimya AS		239,511		599,985
Coca-Cola Icecek AS		67,947		685,761
Eczacibasi Yatirim Holding Ortakligi AS		102,341		481,687
Enerjisa Enerji AS(a)(b)		307,661		496,984
Is Yatirim Menkul Degerler AS		592,789		1,433,922
Tofas Turk Otomobil Fabrikasi AS		126,179		624,234
				5,349,595
Total Common Stocks
(Cost $39,557,533)				48,497,435
Total Investments (97.77%)
(Cost $39,557,533)			$	48,497,435
Other Assets Less Liabilities (2.23%)				1,105,524
Net Assets (100.00%)			$	49,602,959

Percentages based on Net Assets.

^(a) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of January 31, 2021, these securities had a total aggregate market value of $2,796,562, which represented approximately 5.64% of net assets.

^(b) Securities exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act. As of January 31, 2021, the aggregate market value of those securities was $2,796,562 representing 5.64% of the Fund's net assets.

^(c) This security or a partial position of this security is on loan at January 31, 2021. The total value of securities on loan at January 31, 2021 was $183,444.

^(d) Non-income producing security.

As of January 31, 2021, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Tail Risk ETF
U.S. Treasury Obligations	93.86	%
Purchased Options	6.14	%
	100.00	%

Percentages based on total investments.

Cambria Tail Risk ETF

Schedule of Investments

January 31, 2021 (Unaudited)

	Face Amount		Value
U.S. Treasury Obligations (90.69%)
U.S. Treasury Bond, 0.625%, 5/15/2030	$	337,610,000	$	325,318,970
United States Treasury Inflation Indexed Bonds, 0.125%, 7/15/2030		17,755,525		19,962,714
				345,281,684
Total U.S. Treasury Obligations (Cost $352,992,225)				345,281,684

	Contracts	Notional Amount		Value
Purchased Options (5.94%)
Put Options
S&P 500® Index
Expires 03/18/21, Strike Price $3,200	55		20,428,320		223,850
Expires 06/17/21, Strike Price $3,200	36		13,371,264		394,740
Expires 06/17/21, Strike Price $3,400	137		50,885,088		2,062,535
Expires 09/16/21, Strike Price $3,200	70		25,999,680		1,118,600
Expires 09/16/21, Strike Price $3,300	51		18,942,624		929,730
Expires 09/16/21, Strike Price $3,500	43		15,971,232		1,012,220
Expires 12/16/21, Strike Price $3,300	96		35,656,704		2,152,320
Expires 12/16/21, Strike Price $3,400	41		15,228,384		1,034,020
Expires 12/16/21, Strike Price $3,500	25		9,285,600		705,375
Expires 03/17/22, Strike Price $3,400	50		18,571,200		1,445,000
Expires 03/17/22, Strike Price $3,500	223		82,827,552		7,162,760

	Contracts	Notional Amount		Value
Purchased Options (continued)
Expires 06/16/22, Strike Price $3,050	24	$	8,914,176	$	541,080
Expires 06/16/22, Strike Price $3,200	144		53,485,056		3,823,200
Total Purchased Options (Cost $23,376,530)					22,605,430
Total Investments (96.63%) (Cost $376,368,755)				$	367,887,114
Other Assets Less Liabilities (3.37%)					12,825,427
Net Assets (100.00%)				$	380,712,541

Percentages based on Net Assets.

Cambria Tail Risk ETF
Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
U.S. Treasury
Obligations	$	—	$	345,281,684	$	—	$	345,281,684
Total	$	—	$	345,281,684	$	—	$	345,281,684
Other Financial Instruments
Purchased Options	$	22,605,430	$	—	$	—	$	22,605,430
Total	$	22,605,430	$	—	$	—	$	22,605,430

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Trinity ETF
Exchange Traded Funds	100.00	%
	100.00	%

Percentages based on total investments.

Cambria Trinity ETF

Schedule of Investments

January 31, 2021 (Unaudited)

	Shares		Value
Exchange Traded Funds (99.51%)
United States (99.51%)
Equity ETF (73.21%)
iShares® Global Consumer Discretionary ETF		6,030	$	938,087
iShares® Global Materials ETF		12,120		975,539
iShares® Global Tech ETF		3,494		1,046,243
iShares® MSCI Global Gold Miners ETF		18,350		524,810
Cambria Emerging Shareholder Yield ETF*		76,961		2,657,848
Cambria Foreign Shareholder Yield ETF*		108,159		2,628,523
Cambria Global Real Estate ETF(a)*		44,120		1,291,622
Cambria Global Value ETF*		105,940		2,217,335
Cambria Shareholder Yield ETF*		81,826		4,249,224
Cambria Value and Momentum ETF*		129,943		2,718,200
Invesco DB Base Metals Fund(b)		52,950		891,148
Invesco DB Precious Metals Fund(b)		13,578		697,366
Schwab US TIPS ETF		11,553		719,290
Vanguard® FTSE Developed Markets ETF		18,540		868,970
Vanguard® Intermediate-Term Government Bond ETF		46,980		3,246,788
Vanguard® Small-Cap ETF(a)		4,650		923,443
Vanguard® Small-Cap Value ETF		6,300		914,193
				27,508,629
Fixed Income ETF (12.81%)
Cambria Sovereign Bond ETF*		74,745		1,948,976
SPDR® FTSE International Government Inflation-Protected Bond ETF(a)		14,160		820,572
Vanguard® Total Bond Market ETF		23,388		2,044,813
				4,814,361
Multi-Asset ETF (13.49%)
Alpha Architect Value Momentum Trend ETF(a)(b)		29,471		796,306

	Shares		Value
Multi-Asset ETF (continued)
First Trust Managed Futures Strategy Fund		22,873	$	1,045,710
iM DBi Managed Futures Strategy ETF		7,715		196,964
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		100,288		1,579,536
WisdomTree Managed Futures Strategy Fund		38,352		1,448,939
				5,067,455
Total Exchange Traded Funds (Cost $35,106,490)				37,390,445

	Shares		Value
Short-Term Investment (4.05%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(c)(d)		1,523,358	$	1,523,358
Total Short-Term Investment (Cost $1,523,358)				1,523,358
Total Investments (103.56%) (Cost $36,629,848)			$	38,913,803
Liabilities Less Other Assets (-3.56%)				(1,337,624	)
Net Assets (100.00%)			$	37,576,179

Percentages based on Net Assets.

* Affiliated investment is a registered investment company which is managed by Cambria Investment Management, L.P. (the “Investment Adviser”) or an affiliate of the Investment Adviser or which is distributed by an affiliate of the Fund’s distributor.

^(a) This security or a partial position of this security is on loan at January 31, 2021. The total value of securities on loan at January 31, 2021 was $1,473,272.

^(b) Non-income producing security.

^(c) Rate shown is the 7-day effective yield as of January 31, 2021.

^(d) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of January 31, 2021 was $1,523,358.

Investment Abbreviations:

ETF - Exchange Traded Funds

FTSE - Financial Times Stock Exchange

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor's Depository Receipt

TIPS - Treasury Inflation Protected Security

Transactions with affiliated companies for the six months ended January 31, 2021 are as follows:

Security Name	Value at April 30, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)		Realized Gain/(Loss)			Value at January 31, 2021		Shares at January 31, 2021		Dividend Income
Cambria Emerging Shareholder Yield ETF	$	1,336,094	$	949,556	$	(317,697	)	$	680,965	$	8,930		$	2,657,848		76,961	$	60,564
Cambria Foreign Shareholder Yield ETF		1,522,930		876,633		(341,863	)		577,488		(6,665	)		2,628,523		108,159		65,184
Cambria Global Real Estate ETF		—		1,333,500		(157,841	)		114,941		1,022			1,291,622		44,120		7,792
Cambria Global Value ETF		1,369,129		805,646		(294,470	)		366,710		(29,680	)		2,217,335		105,940		30,283
Cambria Shareholder Yield ETF		1,539,048		1,708,791		(502,986	)		1,462,388		41,983			4,249,224		81,826		44,663
Cambria Sovereign Bond ETF		2,471,562		77,888		(944,726	)		327,114		17,138			1,948,976		74,745		15,643
Cambria Tail Risk ETF		661,861		18,240		(645,990	)		16,720		(50,831	)		—		—		399
Cambria Value and Momentum ETF		2,450,571		78,835		(481,239	)		646,415		23,618			2,718,200		129,943		25,802
	$	11,351,195	$	5,849,089	$	(3,686,812	)	$	4,192,741	$	5,515		$	17,711,728		621,694	$	250,330

As of January 31, 2021, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Cannabis ETF
Health Care	46.21	%
Consumer Staples	28.68	%
Consumer Discretionary	8.79	%
Real Estate	6.58	%
Materials	6.07	%
Financial	3.67	%
	100.00	%

Percentages based on total investments.

Cambria Cannabis ETF

Schedule of Investments

January 31, 2021 (Unaudited)

	Shares		Value
Common Stocks (98.13%)
Consumer Discretionary (8.62%)
Greenlane Holdings, Inc., Class A(a)(b)		313,350	$	1,385,007
GrowGeneration Corp.(a)		21,270		918,651
				2,303,658
Consumer Staples (28.15%)
Altria Group, Inc.		15,000		616,200
British American Tobacco PLC		24,240		882,617
Constellation Brands, Inc., Class A		6,042		1,274,439
Imperial Brands PLC		29,610		596,379
Neptune Wellness Solutions, Inc.(a)		127,260		226,523
NewAge, Inc.(a)(b)		233,070		710,863
Philip Morris International, Inc.		8,640		688,176
Turning Point Brands, Inc.		21,060		991,926
Universal Corp.		6,240		286,229
Village Farms International, Inc.(a)(b)		105,240		1,243,937
				7,517,289
Financials (3.60%)
Canopy Rivers, Inc.(a)		661,170		961,702
Health Care (45.34%)
Aphria, Inc.(a)		222,076		2,704,886
Arena Pharmaceuticals, Inc.(a)		12,690		942,106
Aurora Cannabis, Inc.(a)(b)		32,833		366,088
Canopy Growth Corp.(a)		52,800		2,115,696
cbdMD, Inc.(a)(b)		76,920		269,220
Charlottes Web Holdings, Inc.(a)(b)		136,740		548,564
Cronos Group, Inc.(a)(b)		97,590		1,010,056
GW Pharmaceuticals PLC, ADR(a)		15,930		2,428,847
HEXO Corp.(a)(b)		41,569		263,963
MediPharm Labs Corp.(a)(b)		462,060		238,483
Organigram Holdings, Inc.(a)(b)		246,900		451,805

	Shares		Value
Health Care (continued)
Tilray, Inc.(a)(b)		34,920	$	632,052
Valens Co., Inc.(a)(b)		99,990		139,184
				12,110,950
Materials (5.96%) Scotts Miracle-Gro Co.		7,190		1,591,938
Real Estate (6.46%) Innovative Industrial Properties, Inc.(c)		9,216		1,724,498
Total Common Stocks (Cost $23,520,239)				26,210,035

	Shares		Value
Short-Term Investment (19.86%)
Fidelity Investments Money Market Treasury Portfolio Institutional Class, 0.01%(d)(e)		5,303,318	$	5,303,318
Total Short-Term Investment (Cost $5,303,318)				5,303,318
Total Investments (117.99%) (Cost $28,823,557)			$	31,513,353
Liabilities Less Other Assets (-17.99%)				(4,804,287	)
Net Assets (100.00%)			$	26,709,065

Percentages based on Net Assets.

^(a) Non-income producing security.

^(b) This security or a partial position of this security is on loan at January 31, 2021. The total value of securities on loan at January 31, 2021 was $5,016,984.

^(c) Real Estate Investment Trust.

^(d) Rate shown is the 7-day effective yield as of January 31, 2021.

^(e) This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of January 31, 2021 was $5,303,318.

Investment Abbreviations:

ADR - American Depository Receipt

PLC - Public Limited Company

As of January 31, 2021, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Sector Weightings
Cambria Global Real Estate ETF
Real Estate	99.10	%
Industrials	0.90	%
	100.00	%

Percentages based on total investments.

Cambria Global Real Estate ETF

Schedule of Investments

January 31, 2021 (Unaudited)

	Shares		Value
Common Stocks (97.67%)
Australia (10.36%)
Arena REIT(a)		77,328	$	170,793
BWP Trust(a)		50,994		167,581
Charter Hall Group(a)		16,668		173,499
Charter Hall Retail REIT(a)		59,958		163,130
Goodman Group(a)		12,258		165,630
Hotel Property Investments(a)		72,090		172,447
Ingenia Communities Group(a)		46,278		177,547
Rural Funds Group(a)		92,241		172,713
				1,363,340
Belgium (1.19%)
Montea C.V.A(a)		1,286		156,999
Canada (1.14%)
Granite Real Estate Investment Trust(a)		2,556		149,712
Great Britain (1.33%)
AEW UK REIT PLC(a)(b)		149,274		175,075
Japan (2.54%)
Daiwa Securities Living Investments Corp.(a)		180		172,533
Japan Logistics Fund, Inc.(a)		54		161,364
				333,897
Malaysia (3.23%)
Axis Real Estate Investment Trust(a)		304,290		148,287
IGB Real Estate Investment Trust(a)		333,315		140,170
KLCCP Stapled Group		78,237		136,443
				424,900
Mexico (4.01%)
Concentradora Fibra Danhos SA de CV(a)		172,233		207,278
Macquarie Mexico Real Estate Management SA de CV(a)(b)(c)		136,152		167,575

	Shares		Value
Mexico (continued)
Prologis Property Mexico SA de CV(a)		76,707	$	153,421
				528,274
New Zealand (1.23%)
Goodman Property Trust(a)		99,423		161,467
Singapore (12.35%)
AIMS APAC REIT(a)		170,127		165,209
ARA LOGOS Logistics Trust(a)		375,300		197,764
EC World Real Estate Investment Trust(a)(b)		297,720		162,486
Far East Hospitality Trust(a)		364,752		162,002
IREIT Global(a)		312,601		154,136
Keppel DC REIT(a)		70,974		159,216
Mapletree Industrial Trust(a)		66,060		142,722
Mapletree Logistics Trust(a)		100,710		150,110
Parkway Life Real Estate Investment Trust(a)		51,057		159,505
Soilbuild Business Space REIT(a)		430,614		171,805
				1,624,955
Turkey (1.55%)
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a)		618,921		203,847
United States (58.74%)
Agree Realty Corp.(a)		2,259		142,769
American Finance Trust, Inc.(a)		22,878		166,552
American Homes 4 Rent(a)		5,175		156,440
AvalonBay Communities, Inc.(a)		972		159,087
Brandywine Realty Trust(a)		14,121		155,331
Brixmor Property Group, Inc.(a)		12,519		211,947
CareTrust REIT, Inc.(a)		7,677		172,425
Columbia Property Trust, Inc.(a)		11,628		158,141
CoreCivic, Inc.(a)		16,353		116,270
Corporate Office Properties Trust(a)		6,615		173,776
CubeSmart(a)		5,076		176,848
Digital Realty Trust, Inc.(a)		1,017		146,397
Diversified Healthcare Trust(a)		41,463		166,681
Duke Realty Corp.(a)		3,960		156,658
Easterly Government Properties, Inc.(a)		6,111		134,136
First Industrial Realty Trust, Inc.(a)		3,690		149,962
Franklin Street Properties Corp.(a)		33,345		137,048
GEO Group, Inc.(a)		18,648	��	166,713
Getty Realty Corp.(a)		5,211		138,456
Gladstone Land Corp.(a)		11,592		182,458
Global Net Lease, Inc.(a)		9,774		157,459
Highwoods Properties, Inc.(a)		4,365		163,644
Industrial Logistics Properties Trust(a)		7,092		150,421

	Shares		Value
United States (continued)
Innovative Industrial Properties, Inc.(a)		1,035	$	193,669
Kimco Realty Corp.(a)		12,879		212,632
Kite Realty Group Trust(a)		13,428		214,042
Lexington Realty Trust(a)		13,554		138,929
LTC Properties, Inc.(a)		4,050		156,492
Monmouth Real Estate Investment Corp.(a)		10,629		184,201
National Health Investors, Inc.(a)		2,367		153,476
National Retail Properties, Inc.(a)		4,167		162,513
One Liberty Properties, Inc.(a)		8,262		165,571
Piedmont Office Realty Trust, Inc.(a)		10,332		158,906
Prologis, Inc.(a)		1,503		155,110
PS Business Parks, Inc.(a)		1,251		170,286
Public Storage(a)		693		157,741
QTS Realty Trust, Inc.(a)		2,241		145,889
Realty Income Corp.(a)		2,367		139,795
Retail Value, Inc.(a)		12,348		192,752
Rexford Industrial Realty, Inc.(a)		3,222		157,685
Spirit Realty Capital, Inc.(a)		4,338		167,273
STAG Industrial, Inc.(a)		4,707		140,269
Terreno Realty Corp.(a)		2,637		149,201
UMH Properties, Inc.(a)		10,845		159,422
Urstadt Biddle Properties, Inc., Class A(a)		15,624		216,080
Washington Prime Group, Inc.(a)		28,154		396,971
				7,728,524
Total Common Stocks
(Cost $12,232,473)				12,850,990
Total Investments (97.67%)
(Cost $12,232,473)			$	12,850,990
Other Assets Less Liabilities (2.33%)				306,860
Net Assets (100.00%)			$	13,157,850

Percentages based on Net Assets.

^(a) Real Estate Investment Trust.

^(b) Securities exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act. As of January 31, 2021, the aggregate market value of those securities was $505,136 representing 3.84% of the Fund's net assets.

^(c) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of January 31, 2021, these securities had a total aggregate market value of $167,575, which represented approximately 1.27% of net assets.

As of January 31, 2021, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2021 there have been no transfers in or out of Level 3.

Please see Note 2 in Notes to Schedules of Investments for further information regarding fair value measurements.

Cambria ETF Trust

Notes to Schedules of Investments

January 31, 2021 (Unaudited)

1. ORGANIZATION

Cambria ETF Trust (the “Trust”), a Delaware statutory trust, was formed on September 9, 2011 as an open-end registered management investment company under the Investment Company Act of 1940, as amended. The Trust is comprised of multiple exchange traded funds (“ETFs”). These schedules of investments and corresponding notes relate only to Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF, Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, Cambria Value and Momentum ETF, Cambria Sovereign Bond ETF, Cambria Emerging Shareholder Yield ETF, Cambria Tail Risk ETF, Cambria Trinity ETF, Cambria Cannabis ETF, and Cambria Global Real Estate ETF (each, a “Fund” and, collectively, the “Funds”). Cambria Investment Management, L.P. (the “Investment Adviser”) serves as the investment adviser to the Funds. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified, except Cambria Sovereign Bond ETF. The Funds are actively managed.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the Significant Accounting Policies followed by the Funds.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the “NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid.

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seeks to obtain a bid price from at least one independent broker.

Futures are valued at the settlement price established for the business day by the board of trade on which they are traded. Settlement prices for financial futures are provided by an independent pricing agent.

Options are valued at the mean between the last bid and ask prices reported from the options exchange on which such options are listed. If there is no reported sale, long options positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures established by the Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a fair value committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

● Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

● Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

● Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

For the period ended January 31, 2021, there have been no significant changes to the Funds’ fair valuation methodologies.

3. Subsequent Event

Effective March 15, 2021, Cambria Sovereign Bond ETF changed its name to Cambria Global Tail Risk ETF and implemented a new investment strategy. Cambria Global Tail Risk ETF is a diversified fund with different investment holdings than Cambria Sovereign Bond ETF.